Hotels & Hospitality
Accounting & Tax Services specifically valuable to Hotels, Motels and Hospitality
Ascendia has found that services of particular benefit to Hotels, Motels and Hospitality businesses has been:
- Financial Management Reporting Support
- Interim Accounting, Tax Estimating and Tax Advisory Services.
These are discussed in detail below.
Financial Management Reporting / CFO Support
This can involve assisting your internal accountant or bookkeeper to provide:
- Monthly financial management reporting
- By profit centre
- Compared to budget
- Compared to industry benchmarks
This is very useful where there is opportunity to change business activities - such as change in menu, advertising methods, rates, promotions (bundles etc.) - so that you can monitor the effectiveness of the activity and cost associated with that activity that has been used.
Interim Accounts and Tax Estimates and Tax Plans
Once the third quarter is finished it is often useful to get us to take your 3rd quarter financial files and prepare interim financials and tax reconciliations and tax estimates.
This involves us providing:
- A Written Tax Estimate in May / June Each Year - for the current financial year - of income tax liability,
- A Calendar Schedule of Tax Instalments Going Forward - that we estimate your business will face resulting from that income tax level (so the resulting dates and amounts payable by instalment given the new levels of income tax for the current period estimated). This allows you to budget your cash flow to meet tax expenses - without surprises.
What About Non-Accounting / Tax Business Services?
Business services most popular in this industry, which are not purely accounting or tax services are:
Business Risk Management Services
This has included the review and updating of various agreements and documents, policies and procedures and terms and conditions pertaining to the operation of a business dealing with the public. These aspects can reduce liability insurance premiums or assist you to respond to insurer requirements to improve business processes after a claim has been made in the past.
Business Structuring / Review
Asset protection from liability claims is increasingly regularly requested and provided by Ascendia Lawyers working with Ascendia Accountants to assist clients to have peace of mind that they have done everything they can to retain the assets they have worked so hard to accumulate.
Business Exit Advice and Management
Ascendia Accountants are normally involved in providing Small Business Capital Gains Tax Rollover Relief advice (many qualification requirements involved) in conjunction with Ascendia Lawyers providing vendor business sales legal services pertaining to the structuring of the sale to assure the rollover relief, management of GST liabilities where possible, assurance of security where vendor finance is involved, and assurance of receipt of consideration / purchase proceeds at settlement.
Estates Planning Advice and Implementation Services
This is a standard process that most businesses in this area are undertaking nowadays - with the assistance of Ascendia Lawyers working with Ascendia Accountants - so as to deal accurately and completely with the variety of assets and entities involved: